Real estate prices in the Balearic Islands rise sharply again compared to the previous year
Highest increase in the whole of Spain.
Prices even exceed the real estate boom of 2007
Property prices on Mallorca and the neighboring islands rose by 8.3 percent in the first quarter of 2024 compared to the previous year.
This is the highest increase in the whole of Spain and even surpasses the property boom of 2007, according to the latest statistics from real estate valuation company Tinsa.
The increase is somewhat surprising in that last year prices had fallen for the first time in years.
Balearic Islands and Palma: Unique situation
The Balearic Islands and their capital Palma are therefore the only regions in Spain where property prices are above the level of the real estate boom of 2007.
Prices in the Balearics have risen by 7.1 percent compared to 2007 and by 4.2 percent in Palma.
Tinsa is forecasting a recovery in the market over the next few months.
A possible change in European interest rate policy and the lowering of the Euribor could boost "demand for investment in the real estate sector", according to the report.
Source : Mallorca Magazine
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